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Nigeria Detains Binance Executives, Slams Company with $10 Billion Fine

The government said Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses.

As part of its intensified efforts to stabilize the value of the national currency and regulate the cryptocurrency exchange platform, the government of Nigeria demanding at least $10 billion as retribution from Binance.

The government through its Bayo Onanuga who also acts as special adviser on information and strategy to President Bola Tinubu said Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses.

On Thursday, February 28, Premium Times reported that two senior executives at Binance were detained by Nigerian authorities. The report further said the Office of the National Security Adviser (ONSA) confirmed that the crypto exchange platform was being investigated.

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“I am confirming that the office of the national security adviser, as part of ongoing operations in the foreign exchange market with the CBN and other law enforcement and security agencies, is coordinating an interagency investigation into the operations of Binance,” Zakari Mijinyawa, head of Strategic Communication at the Office of the National Security Adviser, told PREMIUM TIMES on Thursday.

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Part of this report from Premium Times Nigeria. The Accra Times corroborated it with other sources.

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